In a significant shift within China’s economic elite, Zhang Yiming, co-founder of ByteDance and creator of TikTok, has reached the top of the 2024 Hurun China Rich List, becoming the wealthiest individual in the country. Zhang’s rise is emblematic of China’s transformation from an economy traditionally dominated by manufacturing and real estate to one where technology leads wealth creation. His net worth, now valued at $49.3 billion, underscores the impressive growth of ByteDance, which saw a remarkable 30% increase in revenue last year, reaching $110 billion. Zhang’s success, however, comes at a time when the overall number of billionaires in China has declined amid mounting economic challenges.
TikTok, ByteDance’s most renowned product, has achieved widespread popularity since its 2017 launch, transforming into a cultural phenomenon with nearly 200 million users in the United States. Despite its popularity, TikTok has faced heightened scrutiny, particularly from U.S. lawmakers concerned about potential data privacy risks and the app’s connection to China. These concerns culminated in a law signed in April that could force TikTok to divest its U.S. operations or face a nationwide ban if ByteDance fails to comply. ByteDance and TikTok have vehemently denied any risks to user data privacy, highlighting their compliance with local regulations and their commitment to protecting users, especially minors.
Zhang’s position at the top of the Hurun list displaces Zhong Shanshan, the former wealth leader and head of the beverage conglomerate Nongfu Spring. Known as China’s “bottled water king,” Zhong has seen his fortune affected by the volatile public opinion of nationalist groups who questioned his loyalty to China, which in turn impacted his company’s stock value. Pony Ma, the founder of Tencent, takes the third spot on the list, with his company’s WeChat platform continuing to be a dominant force in China’s digital and multimedia landscape.
The Hurun China Rich List provides insight into the broader shifts within China’s wealthiest ranks, noting a reduction of 142 billionaires from last year’s count, bringing the total to 753. This decline is particularly significant compared to the list’s peak in 2021 when China had a record 1,185 billionaires. Rupert Hoogewerf, chairman of Hurun Report, attributes the decline to economic obstacles facing China, including a struggling real estate sector, high levels of government debt, and slower-than-expected consumer spending. These challenges have created a difficult environment for many of China’s wealthiest, resulting in a contraction of ultra-high-net-worth individuals.
In addition to the reduction in billionaire count, the overall number of individuals on the Hurun list has dropped for the third year in a row, with 1,094 people now holding a minimum net worth of 5 billion yuan (approximately $700 million). The list’s findings reveal a shift away from traditional industries, such as real estate and manufacturing, toward newer sectors like technology, healthcare, renewable energy, and consumer electronics. Zhang Yiming’s meteoric rise within this evolving landscape underscores the influence of tech-driven growth on China’s wealth creation.
ByteDance’s success story is not merely one of wealth; it represents a new chapter in China’s global influence. Zhang’s achievement is a testament to his ability to navigate both international markets and domestic regulatory landscapes, even as ByteDance confronts various legal and political challenges worldwide. As China’s wealth leaders continue to evolve with the changing economic environment, Zhang Yiming’s position at the top of the Hurun list underscores the country’s shift toward innovation and technology as primary drivers of economic and global relevance.
